US Banks Borrow Record $18.5 Billion From Fed's Repo Facility in Sign of Funding Pressure 

U.S. banks borrowed a record $18.5 billion from the Federal Reserve's Standing Repo Facility on Monday, the deadline for quarterly corporate tax payments and Treasury debt settlements, Fed data showed, suggesting some tightness in meeting funding obligations.

The SRF serves as a backstop for any potential funding shortage. Launched in July 2021 in the aftermath of the Covid-19 pandemic, the Fed's SRF offers daily overnight cash twice a day in exchange for eligible collateral like Treasuries. 

The corporate tax date coincides with a...

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